Oct 30, 2014

By Michael Kramer

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Canada’s Prime Minister is moving forward with income splitting – for families with kids under 18.

Speaking in Vaughan today, Stephen Harper said the government is also boosting the Universal Child Care Benefit by $160 a month – for children under six.

That’s up from $100.

There’s also a new monthly benefit of $60 for youngsters aged six through 17, which becomes effective next year.

And the so-called ”Family Tax Cut” will allow an eligible taxpayer to transfer up to $50,000 of income to their spouse for tax purposes – in order to collect a non-refundable tax credit of up to $2,000 yearly.

Those measures combined will cost $3.1 billion in 2014-15 and $4.5 billion in 2015-16.

The Conservatives made the income-splitting promise during the 2011 election campaign – but it was contingent on the federal books being balanced.

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